Ay 19-20 Penalty u/s 234-F

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This discussion clarifies the applicability of the Rs 10,000 penalty under Section 234-F for AY 2019-20, particularly for individuals filing ITR-4 under Section 44AD. The consensus is that if your total income is below Rs 5 lakhs, the penalty is typically Rs 1,000 if filed after the due date but before 31st December, and Rs 10,000 if filed after 31st December. Crucially, for individuals with taxable income not exceeding Rs 2.5 lakhs, no penalty under Section 234-F is attracted up to 31st March 2020.

TARIQUE RIZVI

TARIQUE RIZVI (Querist)
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20 February 2020 Gross receipt ( Job Work Receipt ) Rs 8,85,455
Net Profit Rs 1,07,757 @ 12.17%

If we file ITR-4 for the Ay 19-20 u/s 44-AD while taking the effect of the above data, whether shall be levied any penalty u/s 234-F of Rs 10,000

Actually what is the slab of 234-F Penalty for the Ay 2019-20

With kindest regards

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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20 February 2020 If status of assessee is 'individual' , 234 F will not attract on the said case.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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20 February 2020 Penalty for late filing by an assessee who is required to file the return is as follows:-
+ 5,000 if filed on or before 31 st december,

+ 10,000 in any other case.

+ 1,000 if taxable income will not exceed 5,00,000.

Amol S Joglekar

Amol S Joglekar (Expert)
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20 February 2020 234F penalty shall not get attracted in such a case of individual

Eswar Reddy S

Eswar Reddy S (Expert)
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29 February 2020 Since your gross total income is less than 5lacs, you may have to pay 1000/- u/s 234F. After due date before December 31st: Late fee 1000/- if the income upto 5lacs 5000/- if the income above 5lacs... After December 31st & before 31st march: Late fee 1000/- if the income upto 5lacs 10000/- if the income above 5lacs